Core ideas:
The company is an omni-directional landscaping service provider of municipal real estate.
The company is committed to creating an omni-directional landscaping service platform, providing integrated industrial chain services from green seedling breeding, landscape planning and design to landscape engineering construction and garden maintenance. at present, it is mainly focused on the planning, design, construction and maintenance of landscape projects such as real estate landscape and municipal greening.
Industry situation: focus on the construction of "sponge city" and usher in a new atmosphere for the development of the industry
With the continuous upgrading of urban ecological construction, the garden industry ushered in a new atmosphere of development. The government attaches importance to the construction of "sponge city" and constantly increases investment, which will expand the market scale of municipal gardens; at the same time, the current favorable policies of real estate appear frequently, or promote the development of real estate gardens. In the face of the decline of the traditional garden industry, companies have transformed, cut into the field of environmental protection, actively carry out PPP cooperation model, and seek new growth points.
Competitive advantage: the company's business is balanced and is committed to creating an omni-directional landscaping service platform.
The company's municipal real estate two-wheel drive, business complementarity enables the stable development of the enterprise; business covers major areas of the country, obvious advantages in cross-regional operation; can be competent for special construction conditions, outstanding construction capacity; integrated operation, industrial chain linkage, to provide all-round one-stop services.
Profit forecast
We predict that the company's net profit attributable to the parent company from 2015 to 2017 is 0.98,1.17 and 143 million yuan respectively, an increase of 20%, 19.8% and 22.1% over the same period last year, and the diluted EPS is 1.22,1.46,1.78 yuan respectively. We believe that it is reasonable to give the company a valuation of 36-40 times earnings in 2015, with a reasonable value of about 46.36 yuan. The company intends to issue 20 million shares, and the theoretical issue price calculated according to the net amount of funds raised plus the issuance fee of 46.5555 million yuan is 20.07 yuan.
Risk hint
The risk of the change of business proportion to the settlement of the company's income, the risk of debt repayment caused by operating cash flow, the risk of bad debts of accounts receivable, and the risk of changes in staff compensation to the performance of the company.
